SEB: USD/JPY holding 118.71 support, but for how long? - eFXnews
FXStreet (Barcelona) - The eFXnews Team notes SEB views that USD/JPY technicals warn of a more profound setback.
Key Quotes
“Both yesterday and today (so far…) the 118.71 key support has survived downside tests (but for how long?).”
“The latest bounce from 118.33 (Mar 26) looks clearly corrective to us and hence impose a clear threat of break lower. Also the since early March persisting bearish MACD divergence (following the false break above 121.86) is a fact that suggests we’re due for possible a more profound setback.”
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